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$ 2,075,000
Est. payment | /mo
15 Beds
11 Baths
6,999 SqFt
$ 2,075,000
Est. payment | /mo
15 Beds
11 Baths
6,999 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 6,999 sqft
Price per Sqft $296
MLS Listing ID 26998153
Bedrooms 15
HOA Y/N No
Year Built 1979
Lot Size 0.255 Acres
Property Description
Lyon Stahl Investment Real Estate is pleased to present 1554 W Carson Street, an 11-unit value-add multifamily investment located in the Torrance PO section of the city of Los Angeles. The property is conveniently located near Harbor-UCLA Medical Center, one of the South Bay's major medical and employment centers, providing access to a significant base of healthcare professionals, staff, patients, and visitors. The property is not subject to the Los Angeles Rent Stabilization Ordinance (LA RSO). It is being offered individually or together with the adjacent apartment buildings at 1562 and 1568 W Carson Street, creating the opportunity to acquire a contiguous 41-unit portfolio. The property contains 6,999 square feet of building area on an 11,108-square-foot lot. The unit mix consists of eight one-bedroom/one-bathroom units, two two-bedroom/one-bathroom units, and one three bedroom/two-bathroom unit. The property provides 20 parking spaces, an attractive ratio of approximately 1.8 spaces per unit, and recently received a new roof. Offered at $2,075,000, the property is priced at $188,636 per unit and $296 per square foot. Current scheduled rent totals $15,808 per month, producing an estimated 5.6% current cap rate and 10.9 GRM. Current rents average $1,437 per unit, compared with modeled market rents averaging $2,081 per unit. An alternative underwriting scenario assumes 8.7% rent increases for eligible tenants, increasing potential scheduled rent to $17,031 per month and the estimated cap rate to 6.2%. These increases have not been served and are presented as a pro forma scenario rather than current income. Even after the modeled increases, the property retains approximately 34% additional rental upside. The offering gives investors several potential strategies: continue operating the property as a well-located apartment asset near Harbor-UCLA Medical Center, pursue income growth over time, acquire it with one or both neighboring properties, or evaluate the longer-term redevelopment potential associated with the site's C2 zoning and proximity to qualifying transit.1554 W Carson Street may be purchased separately or as part of the three-property offering totaling 41 units at 1554-1568 W Carson Street. DEVELOPMENT OPPORTUNITY - The subject properties comprise 33,240 SF (180' x 185.07') zoned C2-1, with a General Plan land use designation of Neighborhood Office Commercial. The property qualifies for several state and local density-bonus programs that materially increase its development potential above base zoning. A feasibility study has indicated the potential to develop 135 mixed income units. Contact LA1 for Offering Memorandum.
Location
State CA
County Los Angeles
Area 122 - Harbor Gateway
Zoning LAC2
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Parking Features Assigned
Total Parking Spaces 20
Building
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7346002045
Special Listing Condition Standard
Listed by Daniel Shieh Lyon Stahl Investment Real Estate, Inc. #01978847
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